NYSE Goofs With Wrong Flag In Celebrating Spotify's IPO

This will be music to the ears of SMT's managers who have gone out of their way to back internet entrepreneurs who are increasingly avoiding public stock markets as a source of capital.

The Swedish-based music streaming service finished its first day at $US149 a share, valuing the company at $US26.5 billion.

The direct listing by the Stockholm-founded company was the largest on record.

The company is now valued at around $26.5bn, which is enough to put in the top 10 debuting technology companies of all-time, alongside Facebook and Alibaba. Big labels provide 87 percent of total streams while the company provides these labels billions in revenue. On a comparable basis the Apple Music service has 46 million subscribers.

Spotify said in a regulatory filing that it had 159 million monthly users including 71 million paying subscribers - twice that of closest rival Apple Music.

Furthermore, MIDia Research's Mark Mulligan believes Spotify can also bolster original content by bringing in music documentaries, artist information, special music features, news articles, and even comedy. Revenue of $5 billion previous year was up 39% from 2016.

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Since starting up in Sweden in 2008, Spotify has expanded to 65 countries and has a library of more than 30m songs.

Spotify is still not profitable to this day.

Spotifywent public with a so-called direct listing on Tuesday, cutting out Wall Street and its high fees, but missing some of that support system, as well.

Leading up to the listing, Spotify had disclosed price history of trading of its private shares, in order to establish its market value ahead of the listing.

In another break with tradition, Ek and Lorentzon did not attend the exchange to ring the opening bell, although the NYSE building was draped in a huge Spotify banner (pictured above).

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